Joint Insurance
What Does Joint Insurance Mean?
Joint insurance is life insurance that covers the lives of two people, rather than just one. In joint life insurance policies, death benefits are paid to the beneficiaries upon the death of the first person covered by the policy. No additional benefits are provided when the second person dies.
Insuranceopedia Explains Joint Insurance
Joint insurance is commonly purchased by couples. One of its main benefits is that it can insure two people for a lower premium than if each person purchased a separate life insurance policy. However, a significant drawback is that the surviving person may be left without life insurance coverage once the other person dies. As a result, the surviving individual may need to purchase a new individual life insurance policy if they wish to maintain coverage after the death of the other policyholder.
